Industrial production is up again

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi filmmakers can now nominate their own work for the Academy Awards

Good morning, friends. We have a brisk issue for you this morning, led by commentary on when Saudi Arabia’s regulatory changes will bear fruit for its capital markets. Also in the newswell this morning: Acwa Power signed contracts for the expansion of the Az-Zour North power plant in Kuwait, and the Kingdom’s industrial production index was up again in June.

ALSO- Saudi filmmakers can now submit their work to be considered for Saudi Arabia’s International Feature Film entry to this year’s Academy Awards, the Saudi Gazette reports. While the Kingdom has previously submitted films for the Oscars category several times in the past, this process has typically happened by direct nomination from the Saudi Film Commission, making this year the first where filmmakers can nominate their own work.

WEATHER- Riyadh is expected to see a high of 45°C and a low of 31°C today, while Jeddah’s mercury will peak at 40°C and bottom out at 32°C. Makkah will see a 43°C high and 31°C low.

HAPPENING TODAY-

The Monsha’at Jadeer Tour kicks off today at the SME Support Center in Khobar. The two-day event will offer attendees the chance to learn about the Jadeer service and access training and support for their businesses.

The EventTech Meetup is on its second and final day at the Cultural House-Altaawun Public Library in Riyadh, bringing together tech enthusiasts, entrepreneurs, investors, and industry professionals. The event — organized by the National Events Center — features live demos, panel discussions, and networking sessions exploring how AI, data science, and other technologies are reshaping the events industry.

The Saudi Arabia Snooker Masters continues today and runs until 16 August at Green Halls in Jeddah. The event, which kicked off on Friday, sees 128 World Snooker Tour players and another 16 snooker players from Saudi Arabia vying for a pot worth more than GBP 2 mn. You can check out the schedule on the WST website.

HAPPENING TOMORROW-

AlUla Manaraa will host an astronomy event tomorrow to observe the Perseid meteor shower, state news agency SPA reported yesterday. Visitors and astronomy enthusiasts will have the chance to witness the meteor shower’s peak, guided by a group of amateur astronomers at the Harrat AlUla site. Attendees are welcome to bring their own telescopes for direct sky observation and to practice astrophotography.

PSAs-

Kuwait to offer visas on arrival to GCC residents: Foreigners residing in any GCC country for at least six months can now get a tourist visa upon arrival in Kuwait, effective immediately, Gulf News reports, citing an announcement in Kuwait’s official gazette.

It’s going to get easier to travel between GCC countries soon anyway: A Schengen-style Gulf tourist visa is meant to be launched in a trial phase in the final quarter of this year before a full rollout at a later stage.

WATCH THIS SPACE-

E-commerce fulfillment startup Salasa plans to help Saudi brands expand their exports into regional and global markets, while also bringing international brands into the Gulf, CEO and co-founder Abdulmajeed Alyemni told Asharq Business (watch, runtime: 8:07). Alyemni believes the region offers strong purchasing power but lacks the logistical infrastructure many global brands need to enter — something Salasa intends to provide.

ICYMI- Last week, Salasa raised USD 30 mn in a series B funding round led by Artal Capital. The investment will fund the development of an AI-driven platform, the expansion of its fulfillment network across the GCC, and the enhancement of its cross-border shipping capabilities for merchants.

DATA POINTS-

#1- The Citizen Account Program disbursed SAR 3 bn to 9.7 mn beneficiaries for August, with an average payment of SAR 1.48k per family, according to a statement. The program has disbursed more than SAR 250 bn since its launch in December 2017, including SAR 2.7 bn in compensation for earlier payments. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.

#2- The Real Estate General Authority recorded a 185% y-o-y increase in renewed Owners Association certificates through its Mullak platform in 1H 2025, with over 635 renewals, it said in a statement yesterday. The platform also registered 3.6k new associations comprising over 9k real estate units, bringing the total to 17k associations with more than 160k registered members.

OIL WATCH-

India’s Reliance will likely begin to rely more on MENA crude: India’s Reliance Industries is likely to revert to sourcing crude from its traditional Middle Eastern suppliers like the UAE and Saudi Arabia due to geographical proximity if India yields to US President Trump’s pressure to cut Russian oil imports, Reuters reports, citing trade sources. The Indian firm purchased 1 mn barrels of Abu Dhabi’s Murban crude last month through a series of futures contracts, to be loaded in September, and earlier made a Murban acquisition on the spot market, shortly after the European Union imposed fresh sanctions on Russian crude supplies.

This could raise prices on the spot market: “Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player,” said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal.

It’s not just Reliance: Indian Oil, Bharat Petroleum, and Hindustan Petroleum are planning to pause purchases of Russian crude on the spot market until the government's stance is clear, Bloomberg reported, citing people it says are familiar with the matter. India is yet to give direction to halt Russian crude imports, though Trump is upping the pressure, recently hiking tariffs on the country to 50% due to its purchases of Russian oil.

REMEMBER- Traders are watching to see if Middle Eastern crude like Murban will increasingly replace sanctioned Russian grades like Urals. Murban contracts typically see less activity than Brent or West Texas Intermediate, but trading volumes of Murban futures have increased in recent weeks amid growing market interest in alternative crude sources as geopolitical tensions shift procurement patterns across Asia and Europe.

SPORTS-

Al Ahli signed French midfielder Enzo Millot from Stuttgart on a three-year contract ahead of the 2025-2026 season, it said in a statement on Saturday. The 23-year-old scored six goals and provided five assists in 29 Bundesliga games last season.

Twisted Minds claimed the Call of Duty Warzone title at the Esports World Cup, earning USD 250k after a tense final on Rebirth Island, according to a statement. The Saudi team — competing against 13 other teams — secured victory in the tenth and last match with 24 kills, beating Vitus.pro and Team Falcons.

Team Secret landed on top in the Rainbow Six Siege X tournament at the Esports World Cup, beating G2 3-0 in the final to take USD 750k along with 1k Club Championship points, according to a statement released on Saturday. The mixed-European roster went undefeated throughout the event, eliminating top teams, including defending Team Falcons, w7m esports, Weibo Gaming, and Spacestation, before sealing the title in the overtime finish on the third map.

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THE BIG STORY ABROAD-

Nvidia and Advanced Micro Devices (AMD) are leading headlines in the global business press this morning, as the two tech firms reached an agreement with the US government to pay a 15% fee on their chip sales to China. Nvidia will pay the fee on its H20 chips, while AMD will pay the fee on revenues from its MI308 chips. The levy comes in exchange for the companies receiving licenses to export semiconductors to China, following reports over the weekend that the US Department of Commerce had begun issuing export licenses for Nvidia’s H20 chips. (Financial Times | Bloomberg | Axios | CNBC)

Elsewhere, Ukraine vs Russia continues to get play: EU foreign ministers are set to meet later today to discuss “next steps” ahead of US President Donald Trump’s meeting with Russia’s Vladimir Putin over Moscow’s war in Ukraine. The EU meeting comes as the bloc calls on Trump to bring Ukraine to the negotiating table. (Reuters | Wall Street Journal)

Saudi Arabia opens market wider to foreign investors, but full pay-off may take time

Regulators widen access to foreign investors, but pay-off could be slow: The Kingdom is pressing ahead with market reforms aimed at making it easier for foreign investors to trade its stocks, though analysts say the benefits are likely to be felt later rather than sooner, Bloomberg reports. Despite that, non-GCC foreign investors already accounted for a record 35% of Saudi equity purchases last quarter, according to Bloomberg Intelligence.

This comes even as Tadawul’s benchmark index TASI continues to lag behind regionalpeers this year. The Capital Market Authority (CMA) told the business information service that opening the market further to GCC residents was a “natural next step,” while Tadawul said it expects the approval process for new Saudi depositary receipts to mirror timelines for IPOs and dual listings.

What pundits are saying: “All of these reforms signal a conscious transition from an oil dependent economy to a global investment destination,” said Jitania Kandhari, deputy chief investment officer at Morgan Stanley Investment Management. “We are keeping a keen eye on all reforms, small or large, that might increase liquidity in the market and increase the number of investible companies,” said Sammy Suzuki, head of emerging market equities at AllianceBernstein.

IN CONTEXT- In July, the CMA unveiled changes allowing GCC residents to trade Saudi stocks directly, permitting foreign companies to issue Saudi depositary receipts, and easing rules for funds and asset managers. Separately, a new law was issued to expand ownership rights for non-Saudis.

For now, valuations remain a major draw: Tadawul is trading at its steepest discount to the MSCI ACWI Index in nearly nine years, about 32% based on forward P/E ratios, following a sell-off that pushed prices lower in July. Average daily turnover fell to a two-year low of USD 1.25 bn last month as domestic demand softened, underscoring near-term challenges for liquidity.

Fiscal prudence spurs foreign trust: Weaker oil prices, which have hovered below USD 70 / barrel amid Opec+ supply increases, are prompting the government to rein in spending on some projects. Analysts say this restraint is reassuring some foreign investors, with EPFR data showing steady inflows to Saudi-focused equity funds since May. Suzuki says cheaper valuations and gradual liquidity improvements could encourage more foreign money to return.

The caveat? Market watchers caution that the impact of reforms will take time to materialize. “Reforms take a long time to bear fruit. In the short to medium term, economic growth, that is so far dependent on oil prices, will determine market performance,” Kandhari noted.

Acwa + Kuwaiti partners to pour USD 3.27 bn into Kuwait’s Az-Zour North expansion

Acwa expands footprint in Kuwait: Homegrown energy giant Acwa Power and Kuwait-based Gulf Investment Corporation signed contracts with the Kuwait Authority for Partnership Projects (KAPP) for the second and third phases of Kuwait’s Az-Zour North Plant, Reuters reports. The two phases are valued at over USD 3.27 bn, KAPP’s Director General Asmaa Al Mousa told the newswire, adding that the full cost will be covered by the investors, not the government.

The details: The combined-cycle facility — one of the largest power projects in Kuwait — will generate 2.7 GW of electricity and produce 120 mn gallons of desalinated water per day upon completion. The IWPP plant operates with a mix of liquified natural gas and high-pressure natural gas. Construction is expected to take three years, with the expansion aimed at easing the country’s severe electricity shortages.

Background: Acwa acquired Kahrabel’s — the MENA operations arm of France’s Engie — stakes in the Az-Zour North (18%), Al Ezzel, Al Dur, and Al Hidd power plants in Kuwait and Bahrain back in February. The agreement was valued at SAR 2.6 bn and marked the company’s entry into Kuwait and expansion in Bahrain.

Kuwait can use the energy bump: Kuwait faced an energy crisis last year after a 300 MW steam turbine at the 6 GW Az-Zour South power complex went offline as peak load reached 16.81 GW, with extreme temperatures worsening the crisis.

Industrial production up 7.9% y-o-y in June

The Industrial Production Index (IPI) rose 7.9% y-o-y in June, fueled by broad-based growth in manufacturing, mining and quarrying, utilities, and waste management activities, according to preliminary data (pdf) from the General Authority for Statistics.

Manufacturing was the fastest-growing sector during the month, logging 11.1% y-o-y growth, with the manufacture of chemicals and chemical products increasing 18.7% y-o-y, followed by 15.3% y-o-y growth in the manufacture of petroleum coke and refined petroleum products.

Mining and quarrying also saw a 6% y-o-y increase, with oil production rising to some 9.4 mn bbl / d, up from 8.8 mn bbl / d.

Utilities were on the rise too: The sub-index for electricity, gas, steam, and air conditioning supply activity rose 5.6% y-o-y, while the sub-index for water supply, sewerage, waste management, and remediation activities climbed 6.9% y-o-y.

MEANWHILE- The oil activities index increased 7.7% y-o-y in June, and the non-oil activities index climbed 8.6%.

REMEMBER- Non-oil business activity in the Kingdom hit a three-month high in June on the back of higher demand and new hires. The seasonally adjusted headline figure came in at 57.2 in June, up from 55.8 in May.

Zamil Industrial Investment, Budget Saudi, L’azurde Jewelry, Smasco, and more report 2Q 2025 results

ZAMIL INDUSTRIAL INVESTMENT-

Zamil Industrial Investment’s net income rose 314.5% y-o-y to SAR 25.3 mn in 2Q 2025 on the back of a decline in financial costs, a SAR 1.5 mn gain from associates, and strong performance across the AC, steel, and insulation sectors, it said in a disclosure to Tadawul yesterday. Revenue rose 9.2% y-o-y to SAR 1.5 bn during the same period, driven by broad-based growth across key sectors, including 89% in insulation, 16% in AC, and 8% in steel.

On a 1H basis, the company’s bottom line rose 325.1% y-o-y to SAR 49 mn, while its top line grew 12.8% y-o-y to SAR 3 bn.

ALDAWAA MEDICAL SERVICES-

Aldawaa Medical Services saw its net income fall 9.7% y-o-y to SAR 86.6 mn in 2Q 2025 due to rising competition, expansions, and strategic infrastructure investments, it said in a disclosure to Tadawul yesterday. However, revenue rose 5.7% y-o-y to SAR 1.7 bn during the same period, supported by strong sales across retail and other verticals.

In the first half of the year, the company’s bottom line inched up 0.3% y-o-y to SAR 191.7 mn, while its revenue grew 7.4% y-o-y to SAR 3.4 bn.

Dividends: Aldawaa’s board greenlit a SAR 53.6 mn dividend payout at SAR 0.63 per share for 1Q 2025, it said in a separate disclosure. The distribution date is set for 25 August.

BUDGET SAUDI-

The United International Transportation (Budget Saudi) reported a 20.8% y-o-y rise in net income to SAR 85.6 mn in 2Q 2025, driven by improved operational efficiency and stronger revenues, it said in a disclosure to Tadawul yesterday. Revenue climbed 28.1% y-o-y to SAR 544.7 mn during the quarter amid growing rental and lease fleet and the consolidation of Autoworld.

On a 1H basis, the company’s bottom line rose 19.5% y-o-y to SAR 168.4 mn, while its top line grew 29.2% y-o-y to SAR 1.1 bn.

The company’s board of directors agreed to distribute SAR 39.1 mn in dividends for 1H 2025, equivalent to SAR 0.5 per share, according to a separate disclosure.

BINDAWOOD-

BinDawood Holding reported SAR 40.5 mn in 2Q 2025 net income, falling 32.7% y-o-y, according to a disclosure to Tadawul. The bottom line — which was also 23.2% lower q-o-q — was due to higher operating expenses, lower finance income, and higher finance costs from its acquisition of Zahrat Al Rawdah Pharmacies.

BinDawood’s revenue for the quarter rose 4% y-o-y to SAR 1.47 bn, supported by “distinctive performance” from its retail pharma segment following the acquisition of Zahrat Al Rawda, as well as growth in its distribution business and its tech segment.

On a six-month basis, net income came in at SAR 116.2 mn, down 14.3% y-o-y. BinDawood reported an 8.9% y-o-y increase in 1H 2025 revenues to SAR 3.15 bn.

LAZURDE-

Jewelry maker L’azurde posted a SAR 25.8 mn net loss in 2Q 2025, compared to net income of SAR 4 mn last year, mainly due to a SAR 13.6 mn credit loss provision and an SAR 8.5 mn salesmen misappropriation, it said in a disclosure to Tadawul. However, revenue rose 29% y-o-y to SAR 659.6 mn during the same period, driven by 10.2% growth in operating revenues and a 10.6% increase in retail channels, thanks to growing sales at existing and new stores in both the Kingdom and Egypt.

On a 1H basis, L’azurde reported a SAR 12.5 mn net loss, compared to SAR 32 mn in net income in the same period last year, while its revenue grew 32.4% y-o-y to SAR 1.4 bn.

JAHEZ-

Jahez International Company for Information System Technology reported a 21.9% y-o-y drop in its 2Q 2025 net income to SAR 23.6 mn, on the back of higher spend on marketing and promotion campaigns and lower EBITDA, according to a disclosure to Tadawul. The company’s revenues for the quarter inched up 4.8% y-o-y to SAR 567.1 mn, thanks to a higher average order value and growing advertising revenues.

Jahez’s 1H 2025 bottom line came in at SAR 58.9 mn, up 37.9% y-o-y, on revenues of SAR 1.1 bn, rising 7% y-o-y.

ALKHORAYEF WATER AND POWER TECHNOLOGIES-

Alkhorayef Waterand Power Technologies (AWPT) saw its net income drop 19.8% y-o-y in 2Q 2025 to SAR 61.7 mn on the back of a non-recurring success fee for one of its projects, it said in a disclosure to Tadawul yesterday. However, revenue rose 49% y-o-y to SAR 646 mn over the same period, pushed by a 208.9% jump in the wastewater segment, 13.1% growth in the water segment, and 2.7% growth from the integrated water solutions segment, all part of new projects.

On a 1H basis, AWPT’s net income slid 0.1% to SAR 119.8 mn, while its revenue grew 43.8% y-o-y to SAR 1.3 bn.

SAUDI MANPOWER SOLUTIONS-

Saudi Manpower Solutions (Smasco) saw its net income fall 17.6% y-o-y to SAR 29.5 mn in 2Q 2025, impacted by a SAR 5.9 mn impairment loss, a SAR 4.4 mn impairment provision, and a SAR 3.4 mn investment loss, along with higher operating expenses and lower revenues, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue rose 7.8% y-o-y to SAR 513.8 mn, driven by 7.9% growth in the business sector and an 11.7% rise in the individuals sector, offsetting a 4.2% drop in other sectors that resulted from fluctuations in secondary services.

On a 1H basis, the company’s bottom line declined 5.4% y-o-y to SAR 70 mn, while its top line grew 6.1% y-o-y to SAR 1 bn.

SADR LOGISTICS-

Sadr Logistics’ net losses widened by some 94% y-o-y, recording SAR 7.3 mn in losses for 2Q 2025, according to a disclosure to Tadawul. The company’s top line surged 50.2% y-o-y, however, reaching around SAR 32 mn for the same period. Management attributes the revenue surge to higher returns in its steel, logistics, and wood sectors.

In 1H terms: Sadr’s net losses increased by 35.4% y-o-y in the six-month period, reaching SAR 7.2 mn in losses, whereas its revenues for the period climbed 24.2% y-o-y, reaching SAR 65.7 mn.

Why did income drop? The main reasons for the steep income drop were the creation of an additional SAR 5.9 mn provision for doubtful debts, a 10% rise in selling and marketing expenses, a 15% increase in general and administrative expenses, and a drop in investment income, according to the disclosure.

Saudi Paper names Abdulaziz Al Mashal as CEO

Saudi Paper Manufacturing Company (SPM) appointed Abdulaziz Almashal (LinkedIn) as CEO, following the termination of Yousseri Elbishry’s (LinkedIn) contract, according to a disclosure to Tadawul yesterday. Almashal, who has been an assistant CEO and board member at SPM since 2021, brings experience in leadership, strategic planning, and development.

Former Global Chemical Industries owners file SAR 73 mn claim against Chemanol

DISPUTE WATCH-

Methanol Chemicals (Chemanol) is facing a lawsuit from the former owners of the Global Company for Chemical Industries in the Dammam Commercial Court, according to a disclosure to Tadawul released yesterday. The former owners are seeking SAR 73 mn — the alleged unpaid portion for the SAR 80 mn sale of an 80% stake in Global Company to Chemanol under a May 2024 agreement.

The plaintiffs include Al Abdullatif Holding Group, Dar Al Balad Commercial, Najm for Commercial Investment, Ammar Abdulwahid Faleh Al Khudairi, and Faisal Mohammed Abdulrahman Al Raees.

DEBT WATCH-

Hedab Alkhaleej Trading Company’s board approved a SAR 60 mn shariah-compliant loan from Alinma Bank, it said in a filing to the bourse yesterday. The facility — secured by SAR 66 mn promissory notes — runs until 31 May 2028 and will be used to cover working capital needs and issue letters of credit.

STARTUP WATCH-

Impact46 has invested over SAR 25 mn in five new gaming studios, according to a post on LinkedIn. The recipients include Riyadh-based Fahy Studios, NJD Games, Starvania Studio, Game Cooks from Beirut and San Francisco, and Turkey-born Alpaka Games as part of its SAR 150 mn gaming fund. The move expands its e-gaming portfolio, which already includes earlier investments in Spoilz Games and Spekter Games.

Trump opens US retirement savings to private equity and crypto

US President Donald Trump has issued a measure allowing 401k retirement plans to include alternative assets such as private equity, private credit, infrastructure, and cryptocurrencies, the Financial Times reports. This move to reshape the c. USD 9 tn retirement savings market follows years of lobbying from big private capital firms and crypto groups.

Proponents of the move argue it will open up higher returns for the some 90 mn retirement savers. Some, including the PE-backed lobby group Defined Contribution Alternatives Association, have also argued that retirement plans’ inability to deliver on the same returns as PE groups could be grounds for 401k contributors to sue. Carlyle Group CEO Harvey Schwartz presents the move as an opening up of these higher returns, which “wealthy clients have had access to … for a very long time.”

The move could also help better diversify 401k funds, especially with the Magnificent 7 making up a large portion of many retirees' invested savings. “We basically have leveraged the retirement system of the country to Nvidia,” said Apollo Global Management CEO Marc Rowan.

Private equity is understandably eager to access the retirement plan market given its size, especially with assets held under 401k plans tripling since 2007 to a current USD 9 tn.

But critics allege that the decision will open up US pension holders to new risks — that many may not be fully aware of. “Retail investors are going to be exposed to a completely different type of asset without necessarily realizing,” Better Markets Director of Securities Policy Benjamin Schiffrin told Financial Times.

Alternative assets also come with higher fees and significantly less transparency. Unlike 401k plans today that are invested in stocks and bonds that are easy to value and sell, alternative assets are often less liquid and harder-to-sell assets. Fees could also rise significantly — from the current 0.3-0.5% for most 401ks to as much as 0.8% — raising questions about whether savers will be willing to pay more for the chance of higher returns.

The order also ties in with Trump’s push to loosen rules on digital assets, which one White House advisor told the paper was a key reason the order was passed. However, private equity groups remain cautious about being linked to crypto volatility, but accepted the risk for access to retirement savings, insiders told the salmon-colored paper.

MARKETS THIS MORNING-

Asian markets are mixed this morning, as traders await confirmation on whether the US and China will extend their temporary tariff truce due to expire on August 12. Hong Kong’s Hang Seng is up 0.1% and Korea’s Kospi is flat, while the Shanghai Composite is inching down in the red and Japanese markets are closed for a public holiday. Meanwhile, Wall Street futures are muted following strong gains last week.

TASI	10,899	-0.3% (YTD: -9.5%)
MSCI Tadawul 30	1,407	0.0% (YTD: -6.8%)
NomuC	26,449	-0.8% (YTD: -16.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,650	+10.0% (YTD: +18.3%)
ADX	10,312	-0.1% (YTD: +9.5%)
DFM	6,149	-0.3% (YTD: +19.2%)
S&P 500	6,389	+0.8% (YTD: +8.6%)
FTSE 100	9,096	-0.1% (YTD: +11.3%)
Euro Stoxx 50	5,348	+0.3% (YTD: +9.2%)
Brent crude	USD 66.59	+0.2%
Natural gas (Nymex)	USD 2.99	-2.5%
Gold	USD 3,491.30	+1.2%
BTC	USD 118,210.90	+1.5% (YTD: +26.4%)
Sukuk/bond market index	911.80	-0.1% (YTD: +1.1%)
S&P MENA Bond & Sukuk	147.74	-0.1% (YTD: +4.9%)
VIX (Volatility Index)	15.15	-8.6% (YTD: -12.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 3.5 bn. The index is down 9.5% YTD.

In the green: Red Sea (+10.0%), Tamkeen (+7.9%) and Saudi Re (+5.9%).

In the red: Jahez (-10.0%), Alarabia (-10.0%) and Lazurde (-6.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.8% yesterday on turnover of SAR 19 mn. The index is down 16.0% YTD.

In the green: United Mining (+7.9%), Taqat (+5.3%) and Tam Development (+5.1%).

In the red: Amwaj International (-9.3%), Balady (-8.3%) and Group Five (-7.8%).

CORPORATE ACTIONS-

Al Babtain Power and Telecommunications’ board approved a SAR 63.9 mn dividend payout for 1H 2025 at SAR 1 per share, it said in a disclosure to Tadawul last Thursday. The distribution date is yet to be announced.

CALENDAR

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

11-12 August (Monday-Tuesday): Monsha’at’s Jadeer Tour in Khobar, SME Support Center, Khobar.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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